JD Power and Associates Reports: Width of product availabili
Thursday, Mar 26,2009, 1:43:00 PM Click:
Copyright: PR Newswire
Source: PR Newswire
Wordcount: 942
JD Power and Associates Reports: Width of product availability and Main - No Compensation - Drive Insurance Agent Satisfaction with insurance companies
Agency satisfaction is closely related to the amount of the company sending to insurance companies
WESTLAKE VILLAGE, Calif., March 25 / PRNewswire / - Offering various types of insurance policies that meet the diverse needs of customers and ensure that efficient, courteous and knowledgeable contacts are available have a particularly strong impact on all of the staff satisfaction with insurance companies, according to the JD Power and Associates Insurance Agency 2009 Satisfaction Study (SM) released today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050527/LAF028LOGO-a)
The first study measures the satisfaction of independent insurance agents and agency staff with personnel of insurance companies they represent. Agent satisfaction is examined in six factors. In order of importance, they are: the main door contacts (32%), the policy on demand (23%), debt (16%), technology (13%), price (10%) and compensation (5%).
"Although it appears that compensation in May would be the main driver of agent satisfaction, in fact, elements that are linked to the agent and product support are the key to differentiation," said Jeremy Bowler , director of insurance practice at JD Power and Associates. "Insurers that offer knowledge and business contacts and provide a variety of offers of assistance to better meet consumer needs, which leads to higher levels of satisfaction among agents. "
The study concludes that the agent satisfaction increases generally most agents interact with the business contact their insurance company. Agents prefer to contact by phone or e-mail at least once or twice a month. However, satisfaction levels are particularly high when the company visits more than once per month. In 2009, less than 15 percent of report of receipt of the frequent visits.
"Contacting agents on a regular basis to provide support is essential for an insurance company, especially when it comes to business growth," said Bowler. "Agent satisfaction is closely linked to the overall business growth of an insurer, as agents affect policyholders when it comes to switching providers. In fact, 60 percent of consumers said they would follow the recommendation of their agent to move to a new insurance company. It is clear that the satisfaction of the agent may have a major impact on the growth policy for an insurance company. "
In particular, agent satisfaction increases, the probability of an increase in their premium business agent with an insurance company increases. In 2009, nearly 70 percent of the satisfaction scores averaging more than 800 points on a scale of 1000 indicate that they intend to increase with the insurance company. In contrast, only 28 percent of scores with an average of 600 points or less indicate the same thing.
Proposing a budget for marketing or advertising agent impacts a lot of satisfaction, according to the study. In 2009, nearly 60 per cent of employees indicated that they have not received a budget for local marketing or advertising. However, among those officers who have received and used all the funds provided by the insurer for advertising and marketing, satisfaction scores average 808, compared to an average of 692 officers among those who were no funds available for such collaborations.
The study also concludes that satisfaction diminishes considerably the amount of time it takes for insurance companies to notify employees of a client filed a complaint increases. When officers were informed the same day as the application is filed by a customer, satisfaction averaged 781. When the notification occurs within one or two days, satisfaction drops to 724 on average. Satisfaction a further decline, to an average of 638, where insurers expect more than five days prior to the issuance of the notification.
"It is clear that consumer satisfaction increases when staff is involved in the compensation process," said Bowler. "However, it often falls to the insurer to inform their agents of a client filed a complaint in a timely manner to help the agents of success in customer satisfaction. "
The Insurance Agency 2009 Satisfaction Study is based on responses from the 1589 assessment of the insurance over 10 insurance companies across the industry, including AIG, Allied, Chubb , Erie Insurance, Farmers / Foremost, Fireman's Fund, The Hartford, Liberty Mutual, Progressive and travel. The study was organized in November 2008.
About J. D. Power and Associates
Headquartered in Westlake Village, Calif., JD Power and Associates is a global marketing information services operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The quality of the business and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone rating, and more, please visit jdpower.com. JD Power and Associates is a division of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in financial services, education and information markets through through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and JD Power and Associates. The Company has over 280 offices in 40 countries. Turnover in 2008 was $ 6.4 billion. Additional information is available at http://www.mcgraw-hill.com.
Media Relations:
Jeff Perlman; Brandware Public Relations, Agoura Hills, California, (310) 589-7749; jperlman@brandwaregroup.com
John Tews, JD Power and Associates, Troy, Michigan, (248) 312-4119, media.relations @ jdpa.com
No advertising or promotion can be used the information in this release without the prior written consent of JD Power and Associates. www.jdpower.com / corporate
J. SOURCE D. Power and Associates
CONTACT: Jeff Perlman Brandware Public Relations, Agoura Hills, California, +1-310-589-7749, jperlman@brandwaregroup.com, JD Power and Associates, or John Tews of JD Power and Associates, Troy, Michigan, 1 -248-312-4119, media.relations @ jdpa.com
This is an information service of Thomson Business Intelligence Service © 2006. This content is only for your personal use, subject to the terms and conditions. No redistribution allowed.
Source: PR Newswire
Wordcount: 942
JD Power and Associates Reports: Width of product availability and Main - No Compensation - Drive Insurance Agent Satisfaction with insurance companies
Agency satisfaction is closely related to the amount of the company sending to insurance companies
WESTLAKE VILLAGE, Calif., March 25 / PRNewswire / - Offering various types of insurance policies that meet the diverse needs of customers and ensure that efficient, courteous and knowledgeable contacts are available have a particularly strong impact on all of the staff satisfaction with insurance companies, according to the JD Power and Associates Insurance Agency 2009 Satisfaction Study (SM) released today.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050527/LAF028LOGO-a)
The first study measures the satisfaction of independent insurance agents and agency staff with personnel of insurance companies they represent. Agent satisfaction is examined in six factors. In order of importance, they are: the main door contacts (32%), the policy on demand (23%), debt (16%), technology (13%), price (10%) and compensation (5%).
"Although it appears that compensation in May would be the main driver of agent satisfaction, in fact, elements that are linked to the agent and product support are the key to differentiation," said Jeremy Bowler , director of insurance practice at JD Power and Associates. "Insurers that offer knowledge and business contacts and provide a variety of offers of assistance to better meet consumer needs, which leads to higher levels of satisfaction among agents. "
The study concludes that the agent satisfaction increases generally most agents interact with the business contact their insurance company. Agents prefer to contact by phone or e-mail at least once or twice a month. However, satisfaction levels are particularly high when the company visits more than once per month. In 2009, less than 15 percent of report of receipt of the frequent visits.
"Contacting agents on a regular basis to provide support is essential for an insurance company, especially when it comes to business growth," said Bowler. "Agent satisfaction is closely linked to the overall business growth of an insurer, as agents affect policyholders when it comes to switching providers. In fact, 60 percent of consumers said they would follow the recommendation of their agent to move to a new insurance company. It is clear that the satisfaction of the agent may have a major impact on the growth policy for an insurance company. "
In particular, agent satisfaction increases, the probability of an increase in their premium business agent with an insurance company increases. In 2009, nearly 70 percent of the satisfaction scores averaging more than 800 points on a scale of 1000 indicate that they intend to increase with the insurance company. In contrast, only 28 percent of scores with an average of 600 points or less indicate the same thing.
Proposing a budget for marketing or advertising agent impacts a lot of satisfaction, according to the study. In 2009, nearly 60 per cent of employees indicated that they have not received a budget for local marketing or advertising. However, among those officers who have received and used all the funds provided by the insurer for advertising and marketing, satisfaction scores average 808, compared to an average of 692 officers among those who were no funds available for such collaborations.
The study also concludes that satisfaction diminishes considerably the amount of time it takes for insurance companies to notify employees of a client filed a complaint increases. When officers were informed the same day as the application is filed by a customer, satisfaction averaged 781. When the notification occurs within one or two days, satisfaction drops to 724 on average. Satisfaction a further decline, to an average of 638, where insurers expect more than five days prior to the issuance of the notification.
"It is clear that consumer satisfaction increases when staff is involved in the compensation process," said Bowler. "However, it often falls to the insurer to inform their agents of a client filed a complaint in a timely manner to help the agents of success in customer satisfaction. "
The Insurance Agency 2009 Satisfaction Study is based on responses from the 1589 assessment of the insurance over 10 insurance companies across the industry, including AIG, Allied, Chubb , Erie Insurance, Farmers / Foremost, Fireman's Fund, The Hartford, Liberty Mutual, Progressive and travel. The study was organized in November 2008.
About J. D. Power and Associates
Headquartered in Westlake Village, Calif., JD Power and Associates is a global marketing information services operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The quality of the business and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone rating, and more, please visit jdpower.com. JD Power and Associates is a division of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in financial services, education and information markets through through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and JD Power and Associates. The Company has over 280 offices in 40 countries. Turnover in 2008 was $ 6.4 billion. Additional information is available at http://www.mcgraw-hill.com.
Media Relations:
Jeff Perlman; Brandware Public Relations, Agoura Hills, California, (310) 589-7749; jperlman@brandwaregroup.com
John Tews, JD Power and Associates, Troy, Michigan, (248) 312-4119, media.relations @ jdpa.com
No advertising or promotion can be used the information in this release without the prior written consent of JD Power and Associates. www.jdpower.com / corporate
J. SOURCE D. Power and Associates
CONTACT: Jeff Perlman Brandware Public Relations, Agoura Hills, California, +1-310-589-7749, jperlman@brandwaregroup.com, JD Power and Associates, or John Tews of JD Power and Associates, Troy, Michigan, 1 -248-312-4119, media.relations @ jdpa.com
This is an information service of Thomson Business Intelligence Service © 2006. This content is only for your personal use, subject to the terms and conditions. No redistribution allowed.
You may also be interested in:
- Advantage Title Unveils Title365 Real Estate iPhone App
- Allstate Chairman Calls for Reform of Financial Services
- Comments from Fed chairman in line with NAMIC See Regulation
- 5 Insurers Provide Credit Insurance for Zhongguancun SMEs
- Davis Votes to Create American Jobs, Cut Taxes for Working Families and Small Businesses
Featured
National Trust for Historic Preservation and Fireman's
Copyright: Business Wire Source: Business Wire Wordcount: WASHINGTON -
Alltrust Insurance to Expand Registered Capital to
Alltrust Insurance Company of China Ltd. recently gained approval from the
TheFortuneFinancial.com Research on the Free Market
NEW DELHI, INDIA - (MARKET WIRE) - 06/23/09 - TheFortuneFinancial.com provides
American hourly earnings Equity Release, Conference
WEST DES MOINES, Iowa--(BUSINESS WIRE)-- American Equity Investment Life
Hooper Holmes responded to the proposal of
Basking Ridge, NJ - (MARKET WIRE) - 04/15/09 - Hooper Holmes (NYSE AMEX: HH)
MGIC 2Q loss widens, plans to shift new business
MILWAUKEE_Private provider of mortgage insurance MGIC Investment Corp. 's loss
MOST POPULAR
- Most Read
- Most Discussed
- Most Emailed
- Best's Review's Insurance Broker Ranking Shows Aon, Marsh at the Top, Shifting Lineup
- Universal Property & Casualty Insurance Co. Increases Bu
- AAA will drop homeowners' insurance policies in Louisiana
- Willis Group Holdings names CEO Tony Ursano, Willis Capital
- A.M. Best Downgrades Ratings of State Farm Florida Insurance
- Lightning-Related Insurance Claims Up
- A.M. Best Affirms Ratings of Auto-Owners Insurance Group and
- Berkshire Hathaway’s Insurance Subsidiaries Buck Property/C
- Nationwide Insurance, Allied Insurance Responding to Hail Storm in Denver Area
- European Insurance Asset Management Survey published
-
Kibble & Prentice Announces Risk Strategies Group -
Uninsured Drivers Racing At Own Risk -
P/C Execs Look Ahead to Mitigation, Retention, Rates -
Meeting Climate Change Head On -
Motorcycle thefts declining by almost 5 percent over the pas -
Former MMC Exec Cherkasky Up To New Challenge -
Lenders accused of dirty mortgage tricks -
Members to the question on mortgage lenders and loan shortage repossession
Discuss this news
Click Here to see all comments